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Stocks end flat over poor economic indicators

Stocks closed flat on Friday as investors remained on the sidelines due to poor economic indicators, including external account vulnerability and rising circular debt, dealers said.Analyst Ahsan Mehanti from Arif Habib Corporation said stocks closed lower amid pressure in scrips across the board after Moody’s statement on external account vulnerability due to surging foreign debt.Investors showed concerns for hike in domestic gas prices and foreign outflows, whereas the pending energy sector circular debt also played a catalytic role in the bearish close, Mehanti added.Pakistan Stock Exchange (PSX) benchmark KSE-100 shares index shed 0.21 percent or 86.95 points to close at 41,910.90 points, whereas KSE-30 shares index lost 0.49 percent or 100.93 points to finish at 20,568.57 points.Of 341 active scrips, 170 advanced, 160 declined, and 11 remained unchanged. The ready market volumes stood at 166.083 billion shares compared to a turnover of 159.817 billion shares in the previous session.Analyst Radha Kirshan Khatri from WE Financial Services Ltd said the session was gloomy with lower participation since most of the investors remained sidelined due to FY18 closing and selling pressure on the back of the last day of future rollover.“Concerns over macroeconomic stability are driving investors’ sentiments, as foreign exchange reserves are continuously deteriorating,” the analyst said.Current account deficit widened to $16 billion in July-May FY18, pushing the economy into stress, while the index heavy oil and banking sectors dragged the market in the red zone, Radha added.Analyst Zeeshan Afzal of Insight Securities said the last session of the fiscal year ended on a negative note, with KSE-100 posting a negative return of 10 percent during June ’17 and July ’18.The highest gainers were Colgate Palmolive, up Rs93.53 to close at Rs3,149.00/share, and Pakistan Tobacco, up Rs77.40 to finish at Rs2,230.00/share.Companies that booked highest losses were Rafhan Maize, down Rs151.00 to close at Rs7,650.00/share, and Bhanero Textile, down Rs42.49 to close at Rs807.49/share.K-Electric Limited recorded the highest volumes with a turnover of 12.078 million shares. It gained Rs0.23 to close at Rs5.68/share.It was followed by Silk Bank Limited with a turnover of 9.583 million shares. The bank’s scrip gained Rs0.23 to close at Rs1.36/share.The lowest volumes were witnessed in Fauji Cement. It recorded a turnover of 6.838 million shares, whereas the scrip lost Rs0.44 to end at Rs22.85/share.

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